Shares in Intersect ENT (NSDQ:XENT) fell slightly yesterday after the drug-device maker met expectations on Wall Street with its 1st quarter results.
The Menlo Park, Calif.-based company posted a loss of -$6.8 million, or -23¢ per share, on sales of $20.5 million for the 3 months ended March 31, for bottom-line growth of 20% on sales growth of 22.8% compared with the same period last year.
Adjusted to exclude 1-time items, earnings per share were -23¢, ahead of consensus on The Street, where analysts were looking for sales of $19.4 million.
Intersect ENT said it expects to post sales of $89 to $91 million for the full year. The company’s 2nd quarter revenue is pegged at $22.5 to $22.7 million.
XENT shares have risen 66% since the beginning of the year and closed yesterday at $20.05 apiece, down -1%.
In March, the company submitted a new drug application to the FDA for its Resolve steroid-releasing implant to treat chronic sinusitis patients with recurrent sinus obstruction.
Intersect ENT’s implant can be placed during a routine physician office visit and is designed to be a less invasive treatment option for recurrent ethmoid sinus obstructions, including polyps.
